Who Am I?
I use statistics to calculate how risky you are to insure.
Actuary
I cover ONE line of insurance only. Single. Focused. Monogamous.
Monoline Policy
The price you pay for your insurance coverage. One word.
Premium
A fire breaks out in an office. What is the PERIL?
Fire (cause of loss)
Property Insurance is a type of Third Party insurance.
FALSE — it is First Party
I am the person whose property or liability is covered by the policy.
Insured / Policyholder
I cover MULTIPLE lines of insurance. More is more!
Package Policy
The FIRST portion of a loss you must pay before insurance kicks in.
Deductible
Chubb transfers some of its risk to another insurer. What is this called?
Reinsurance
A Quote is a legally binding contract.
FALSE — it is an estimate only
I am NOT the insured or the insurer — I bring a claim against you.
Third Party
I kick in AFTER the primary insurance limit has been used up.
Excess Insurance
Money set aside by an insurer specifically to pay for a known claim.
Loss Reserves
Prices are rising, competition is falling. How would describe the market?
Hard Market
Risk Management only applies to insurance companies, not businesses.
FALSE — any enterprise